All companies need to keep tabs on upstart competitors to refine their understanding of the market, to consider new product directions, and to out-maneuver potential rivals. But tracking young companies can be tough, as some information may not be public. Here are three areas to focus on:
- Who are their investors? Some investors only do angel investing, some prefer early to mid-stage companies, and others only bet on late-stage stars. Investor profiles can indicate where a company is in its cycle.
- Where are their employees located? Do they have a team overseas? Is the workforce operating across many locations virtually? Data about where their people are can help you assess a competitor's maturity, speed, agility, and burn.
- What are the leadership team's strengths? Find out where those leaders went to school, where they've worked, and whether the CEO has experience starting companies. If the team has worked together before, that can signify maturity.
Adapted from "
Keeping Tabs on the Competition as a Start-Up" by Michael Fertik.
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